HMRC warns people who have these jobs to act before Thursday
A warning has been issued to thousands of taxpayers ahead of a HMRC deadline in DAYS - including for Vinted and eBay sellers and those who have a side hustle. The deadline to send a paper tax return is this Thursday, October 31.
HMRC warned: "In order to pay tax on the goods or services you sell online, you either have to be trading or making a capital gain. If you are just selling some unwanted items that have been laying around your home, such as the contents of a loft or garage, it is unlikely that you will have to pay tax.
"If you buy goods for resale, or make goods with the intention of selling them for a profit, then you are likely to be trading and will have to pay tax on your profits." The tax department, which is now operating under the Labour Party government, added: "However, if your total income from trading or providing services online was less than £1,000 (before deducting expenses) in any tax year, you would not be required to inform HMRC nor pay any tax on the profits (this is due to the Trading and Miscellaneous Income Allowance)."
READ MORE Drivers 'must start' car engine 15 minutes before driving this week
People can check if you need to tell HMRC about income that’s not from your employer, or not already included in your Self Assessment if you work for yourself. This may include money you earn from things like selling things, for example at car boot sales or auctions, or online, doing casual jobs such as gardening, food delivery or babysitting, charging other people for using your equipment or tools, renting out property or part of your home, including for holidays (for example, through an agency or online) or creating content online, for example on social media.
If you’ve never declared income through a Self Assessment tax return, you find out how to register and how to file a return. You can check what you owe and pay your Self Assessment bill via the HMRC App. Download it from the App Store for iOS or the Google Play Store for Android.